IASB announces review following NGO pressure
News Article - Friday, September 22, 2006
filed under: Regulatory
The International Accounting Standards Board (IASB) has announced that it is to review its working practices following criticism by non-governmental organisations (NGOs).
A coalition of 80 NGOs raised what the IASB acknowledged were legitimate questions about what action the body would take over oil and mining group transparency.
The group demanded that the board take action to ensure that the companies produce detailed country-by-country accounts of their activities.
These would include information on turnover, profits, taxation, and payments to governments in each country, creating far greater accountability for their actions, said the NGOs.
"They make the case there are investor interests, public policy interests and interests among other users of financial reporting, and the combination of those things persuaded the board it should reach out to other groups to get their views," IASB research director Wayne Upton told the Financial Times. 
© Adfero Ltd
Add to del.icio.us
| 
Digg this story
More Industry News
- VAT cut 'has not helped economy'
- Recession 'provides chance for business growth'
- Financial climate 'influencing digital environment'
- Carbon markets 'can't deliver'
- Fairtrade 'well positioned during recession'
- Businesses 'can gain competitive edge'
- Green stimulus 'right thing for economy'
- Current business 'a case of controlling costs'
- Reaction to Bank's corporate lending figures
In this section:
